Markville State Bank v. Henry L

When note given to closed bank by one of its directors is not accommodation paper. 1. Where a director and stockholder of a closed bank, who is also liable as guarantor on obligations of the bank, gives to the bank his personal note and places the same in the bank as a valid asset in order to enable the bank to reopen, and on the faith of such note and other like securities the bank is permitted to and does reopen and continues in business, with such note as one of its listed valid assets, the note is supported by a valuable consideration and is not an accommodation note.